Harvard Bioscience Reports Strong Q4 and Full Year 2025 Results

Company sees growth in higher-margin products and improved profitability

Mar. 12, 2026 at 2:19pm

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Harvard Bioscience, a leading provider of life science research tools, reported its fourth quarter and full year 2025 financial results. The company saw revenue of $23.7 million in Q4, above the midpoint of guidance, and gross margin of 59.7% at the high end of expectations. Adjusted EBITDA grew 27% year-over-year to $3.8 million, driven by cost reductions and improved operational execution. For the full year 2025, revenue was $86.6 million, down from 2024 due to tariff impacts and NIH funding delays, but the company improved profitability with adjusted EBITDA increasing 12.5% to $8.1 million.

Why it matters

Harvard Bioscience's strong Q4 performance and improved profitability in 2025 demonstrate the company's progress in executing its strategic initiatives. The focus on higher-margin products, cost discipline, and operational efficiency are positioning Harvard Bioscience to capitalize on the growing translational science market as the life sciences industry shifts towards new approach methodologies to improve drug development success rates.

The details

The key drivers of Harvard Bioscience's Q4 performance were a favorable product mix shift, benefits from cost reduction efforts, and improved operational execution. The company also completed a comprehensive refinancing in December 2025 that extended debt maturity, reduced annual debt service, and strengthened liquidity. Additionally, Harvard Bioscience announced the consolidation of its manufacturing footprint, which is expected to generate $3 million in savings in 2027 and $4 million annually thereafter.

  • Harvard Bioscience completed its debt refinancing in December 2025.
  • The company announced the consolidation of its manufacturing footprint in 2025.

The players

John Duke

President and Chief Executive Officer of Harvard Bioscience.

Mark Frost

Chief Financial Officer of Harvard Bioscience.

Harvard Bioscience

A leading provider of life science research tools, focused on enabling translational science and improving drug development success rates.

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What they’re saying

“2025 was a pivotal year of foundation building. Over the past 8 months, we improved our financial flexibility, took action to reorganize operations and clarified our long-term strategic direction.”

— John Duke, President and Chief Executive Officer (Earnings Call Transcript)

“We continue to monitor NIH funding timing and global macro conditions. We believe our cost structure and diversified geographic footprint put us in a position to manage volatility.”

— John Duke, President and Chief Executive Officer (Earnings Call Transcript)

What’s next

Harvard Bioscience is forecasting low single-digit revenue growth and high single-digit adjusted EBITDA growth for 2026, driven by higher-margin new product innovation and the company's focus on the translational science market.

The takeaway

Harvard Bioscience's strong Q4 and full year 2025 results, along with its strategic initiatives to improve financial flexibility, streamline operations, and capitalize on the growing translational science market, position the company for sustainable growth and value creation in the years ahead.